Azerbaijan sees above 60% rise in insurance market in 2012

Azerbaijan sees above 60% rise in insurance market in 2012
# 12 January 2013 11:38 (UTC +04:00)

Baku. Ali Ahmadov – APA-Economics. In 2012, Azerbaijani insurance market recorded the phenomenal rate of development.

The State Insurance Supervision Service under the Ministry of Finance of Azerbaijan reports that in 2012 total premiums of 28 insurance companies in Azerbaijan amounted to AZN 342 519 346.82, up AZN 129.54 mln or 60.8% from 2011.

Compensation payments amounted to AZN 93.860 881.77, up AZN 32.3 mln or 52.5% compared to last year.

AZN 215 003 419.52 or 62.8% of insurance premiums fell to share of voluntary insurance, AZN 127 515 927.3 or 37.2% - compulsory insurance.

In the structure of payments, AZN 75 320 569.53 or 80.25% fell to share of voluntary insurance, AZN 18 540 312.24 or 19.75% - compulsory insurance types.

In annual comparison, 33.54% of premiums on voluntary insurance grew by 33.54%, insurance payments – 45.76%. Volume of premiums on compulsory insurance types rose 2.45 times, insurance payments increased by 1.874 times.

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